<strong><em>TRX price action shows growing bullish influence over the sideways trend teasing a potential price jump above 200-day SMA.</em></strong>

<strong>Key technical points:</strong>
<ul>
 	<li>The TRX prices attempt to cross above the 200-day EMA.</li>
 	<li>The price action shows a high likelihood of a breakout rally reaching the $0.075 mark.</li>
 	<li>The 24-hour trading volume of Tron is $614 Million, indicating a rise of 34%.</li>
</ul>
<h2>Past Performance of TRX</h2>
The <a href="https://coincodex.com/crypto/tron/">TRX price</a> action shows that increased supply inflow in June dropped the market price to the $0.055 mark. However, the sharp V-shaped reversal has kept prices above the psychological level of $0.050, leading to a sideways trend above $0.063. The sideways trend shows a possible double bottom pattern formation with the 200-day SMA acting as a dynamic neckline.

<img src="https://s3.tradingview.com/snapshots/f/F4GZENQR.png" alt="TradingView Chart" />

<strong>Source- </strong><a href="https://www.tradingview.com/x/F4GZENQR/" target="_blank" rel="noopener">Tradingview</a>
<h2><span style="font-weight: normal">TRX Technical Analysis </span></h2>
The price of <a href="https://www.cryptoknowmics.com/news/trx-technical-analysis-tron-prices-boom-ready-to-reach-0-080/">TRX</a> has increased by 3.47% in the last 24 hours, leading to a bullish-tailed candle yesterday, above the $0.060 threshold. But, the prices decline today, leading to a reversal from the 200-day SMA, reflecting an increase in supply.

The MACD indicator shows a bullish trend approaching the zero line, which increases the chances of the lines crossing into the positive territory. Moreover, the RSI indicator shows a gradual increase in the underlying bullishness as the RSI slope sustains above the 14-day SMA but struggles to surpass the halfway line. Hence, the technical indicators showcase a growing buying pressure. In a nutshell, the TRX price analysis forecasts a growing possibility of an uptrend continuation above the 200-day SMA.
<h2><span style="font-weight: normal">Upcoming Trend</span></h2>
TRX buyers can expect the bullish trend continuation above the 200-day SMA to reach the $0.075 mark. Conversely, a bullish failure to surpass the SMA can result in a downfall under $0.063 to test the psychological support level at $0.050.

<strong>Resistance Levels:</strong> $0.070 and $0.075

<strong>Support Levels:</strong> $0.063 and $0.050

TRX Technical Analysis: Tron Prices Ready To Break Above 200-day SMA

TRX Technical Analysis shows growing bullish influence over the sideways trend teasing a potential price jump above 200-day SMA.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

TRX Technical Analysis: Tron Prices Ready To Break Above 200-day SMA

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